SMB Private Education Loan Trust 2016-B

184,000,000 Class A-1 Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 0.65%
144A CUSIP: 78449GAA7
Reg S CUSIP: U8306TAA5

259,000,000 Class A-2A Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 2.43%
144A CUSIP: 78449GAB5
Reg S CUSIP: U8306TAB3

164,000,000 Class A-2B Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 1.45%
144A CUSIP: 78449GAC3
Reg S CUSIP: U8306TAC1

50,000,000 Class B Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 2.50%
144A CUSIP: 78449GAD1
Reg S CUSIP: U8306TAD9

100,000 Residual Certificates
Security Details:

144A CUSIP: 78449G109
Reg S CUSIP: U8306T107

Date of Issue: July 21, 2016

Issue Amount: $657,000,000

Servicer:
Sallie Mae Bank

Indenture Trustee:
Deutsche Bank National Trust Company

Administrator:
Sallie Mae Bank

Underwriters:
Barclays
J.P.Morgan
Royal Bank of Canada
Credit Suisse
Goldman Sachs